What is a major advantage of the fact that the Bank of Canada is largely independent?

Question

Quizplus · Accepted Answer

The fact that the Bank of Canada is largely independent means that politicians cannot directly control monetary policy. This is a major advantage because it helps to insulate monetary policy decisions from political pressures and short-term thinking, allowing the Bank to focus on longer-term objectives such as maintaining price stability and promoting economic growth. This independence helps promote credibility and confidence in the Bank's decision-making, which in turn can help to anchor inflation expectations and promote macroeconomic stability.

What Is a Major Advantage of the Fact That the Bank